Most digital coins, including Ethereum, witness red signs in their ecosystems. Nevertheless, the cautionary signals aren’t bothering holders & stakers are they build their ETH Merge castles. Ethereum’s present downturn comes as the overall crypto world battles lows.
Falling, Not Dead!
The crypto market surrendered 6.8% over the past 24 hours, with more than $300M positions undergoing liquidations amid a bloodbath.
Meantime, the leading alt, Ethereum, could have endured the most during these tendencies. While publishing this post, Ethereum hovers beneath $1,500 after losing 11.7% to hit weekly lows.
Nevertheless, Ethereum traders showed their determination to HODLing their position. Precisely, long-term holders bought Ethereum regardless of the struggles by the second-largest alt. Also, these holders still see substantial profit margins.
For example, addresses holing more than 10 $ETH hit an ATH, according to Glassnode. IntoTheBlock added that 56% of ETH investors are in profit.
That’s a substantial difference from July figures. Only 44% of traders endure losses at current price levels, whereas 4% stay in a neutral region, meaning they purchased their coins at the current value area.
That explains why Ethereum’s to-exchange transfers touched a one-month low at 21,066.399. Low indicator values might indicate that holders have not been sending many tokens into exchanges amid current conditions.
Whether these holders are withdrawing or watching, this trend might be neutral or bullish for ETH’s value on its charts. Nevertheless, caution remains necessary before executing longs in ETH.
What Grass Color Here?
Well, everything is GREEN for stakers. The pattern of trading accounts with more than 32 ETH shows market players are hungry to get into action. Glassnode data shows addresses with over 32 tokens hit 18-month peaks of 119,564.
Moreover, investors have sent more than 13% of Ethereum’s supply into the ETH2.0 deposit contract amid PoS migration anticipations. Latest insights show ETH2.0 Deposit Contract’s total value hit 13m388,454 ETH all-time high.
Beacon Chain’s deposit contract allows Ethereum traders to lock their tokens ahead of the Merge switch. That is the current case for the leading altcoin.
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